In a mall pan, heat milk just until bubbles form around pan edges; remove from heat. Add sugar, salt and ¼ cup butter; stir to melt butter. Cool to lukewarm.
Sprinkle yeast over water in large bowl, stir to dissolve. Stir in lukewarm milk mixture. Add the egg and 2 cups of flour, beat with electric mixer until smooth. Add the remaining ½ cup flour; mix with spoon or hand until dough is smooth and draws up into a ball.
Turn out dough onto a lightly floured surface. Knead until dough is smooth, about 5-8 min. Place in a lightly greased bowl tuning to coast all sides. Cover with a towel and place in a warm draft free area to rise until double in bulk, about 1 to 1-1/2 hour.
Filling: In a small bowl, cream ¼ cup butter, ¼ cup light brown sugar with a spoon. Spread onto bottom of a 9x9x2” square baking pan. Sprinkle with nuts.
On a lightly floured surface, roll out dough into a 16x12” rectangle. Spread with ¼ cup softened butter; sprinkle with ¼ cup brown sugar, the raisins, and the cinnamon. Roll up from long side, jelly-roll style; pinch edge to seal. Cut into 12 pieces; place; cut side down, in pan.
Let rise, covered, in warm place, free from drafts, 1 to 1-1/2 hours, until doubled in size.
Preheat oven to 375º. Bake 25-30 minutes, or until golden brown. Invert pan onto serving platter, and let sit one minute before remove removing pan.